Thursday, August 23, 2007

Latrell Sprewell Loses Yacht

Milwaukee's Best has suddenly become Milwaukee's Bust.

Former basketball player Latrell Sprewell had his 70-foot yacht repossessed this week, according to a report in the newspaper Milwaukee Journal Sentinel. A federal marshall seized the Azimut, which Sprewell bought in 2003, from a storage facility in Manitowoc, Wisconsin, after North Fork Bank claimed he was in default on the monthly mortgage payments of $10,322. In fact, North Fork states that the insurance hasn't been maintained either.

Even though Sprewell had the yacht registered to LSF Marine Holdings LLC, court documents apparently show that he guaranteed the bank loan personally. North Fork wants Milwaukee's Best sold so that it can recoup the $1.3 million that it says remains on the loan.